Keppel FELS Limited (Keppel FELS) has expanded its facilities with a new site at Shipyard Crescent, Jurong, located in western Singapore.
Keppel FELS has leased this site from the Jurong Town Corporation for a period of 12 years. Rent payable under the Master Lease Agreement is S$1.3 million per annum.
Measuring approximately nine hectares, the facility is expected to be operational by August 2006.
The principal business activities are to undertake fabrication work for newbuilding projects secured by Keppel FELS, as well as for the mooring and repair of rigs.
The transaction is not expected to have material impact on the NTA or the earnings per Keppel Corporation share for FY2006.